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Tubacex
Tubacex (TUB) investor relations material
Tubacex Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary27 Feb, 2026
Executive summary
Sales declined 6.3% year-over-year to €719.3 million in 2025 amid global market weakness, with profitability resilient as adjusted EBITDA reached €105.8 million and margin improved to 14.7% from 13.9%.
Major non-recurring, non-cash accounting adjustments impacted EBITDA by €30.7 million, EBIT by €49.3 million, and net income by €47.2 million.
The order book closed at €1,233 million, with a strong focus on high value-added, premium products.
Abu Dhabi plant became fully operational, supporting ADNOC contract execution and exceeding planned volumes for 2025.
Strategic focus remains on cash generation, working capital normalization, and improving return metrics.
Financial highlights
Adjusted EBIT was €58.3 million, down 8.3% year-over-year; adjusted net profit was €15.9 million, down 30.5%.
Net financial debt increased to €344.8 million (3.3x EBITDA), mainly due to working capital tied to strategic project ramp-ups.
Working capital peaked at €324 million, representing 45% of sales.
Capital expenditure totaled €72.6 million, including investments in the Abu Dhabi facility.
Dividend payout policy maintained at 40% of adjusted net profit; €6.4 million proposed for 2025.
Outlook and guidance
2026 outlook remains prudent amid ongoing macroeconomic and geopolitical uncertainty, with a focus on cash generation, working capital control, and profitable growth.
Priorities include operational deleveraging, working capital normalization, and commercial selectivity for higher-margin projects.
Robust opportunity pipeline in Subsea and Nuclear, but award timelines remain uncertain.
Targeting net debt/EBIT below 2x by 2027, with ongoing focus on cash generation.
ADNOC project pace: impact on debt reduction?
2026 commercial selectivity impact on sales growth?
Durant plant adjustment: any restructuring risk?
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Next Tubacex earnings date
Q1 202624 Apr, 2026
Tubacex
Next Tubacex earnings date
Q1 202624 Apr, 2026
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Frequently asked questions
Tubacex S.A. is a global manufacturer and distributor of seamless stainless steel tubes and pipes. The company specializes in providing high value-added products for industries such as oil and gas, power generation, petrochemicals, and other energy-related sectors. Its portfolio also includes fittings, hollow bars, and high-nickel alloy products. Tubacex operates internationally, with production and sales facilities across Europe, the Americas, and Asia, and offers end-to-end solutions from manufacturing to distribution. The company is headquartered in Llodio, Spain, and its shares are listed on the Madrid Stock Exchange.
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